Family Business Studies

Family Business Studies

An Annotated Bibliography

Edited by Alfredo De Massis, Pramodita Sharma, Jess H. Chua and James J. Chrisman

This book catalogues the 215 most-cited empirical, theoretical and practical articles on family business published in 33 journals since 1996. Researchers, students and practicing managers will find it indispensable as a quick reference and guide to what we have learned about family firms. Annotations for the articles consist of: summary of key findings, research questions, contributions, and research implications. They also include a detailed description of the methodologies, empirical data, definitions, and conceptual models used. In addition, the book features chapters that review the literature, discuss how family businesses have been defined, present recent trends in family business empirical research, and provide an agenda for future research.

Chapter 4: The family business annotated bibliography

Edited by Alfredo De Massis, Pramodita Sharma, Jess H. Chua and James J. Chrisman

Subjects: business and management, entrepreneurship, family business, research methods in business and management, research methods, research methods in business and management

Extract

Adams, R., Almeida, H., and Ferreira, D. (2009). Understanding the relationship between founder-CEOs and firm performance. Journal of Empirical Finance, 16(1), 136–150. Article type: Strategic management topics: Keywords: Empirical (quantitative analysis). Primary: Corporate Governance. Secondary: Leadership and Ownership, Economic Performance. Founder-CEOs, CEO turnover, Instrumental variables, Family firms, Endogeneity. THE STUDY Study subject: The relationship between founder-CEOs and firm performance. Research How does the founder-CEO status affect firm performance? question: Key findings: The article provides evidence that founder-CEO status is endogenous in performance regressions. After factoring out the founder-CEO status, the evidence confirms that founder-CEO control is beneficial in large corporations of the United States. Furthermore, good performance reduces the likelihood that a founder retains the CEO title. Contributions The authors adopt new, fine-tuned, analytic methods, and research and their results strongly support the positive view of implications: founder control in large US corporations. The results imply that the effect of founder-CEOs cannot be correctly estimated using ordinary least squares methods due to endogeneity issues. The positive effect of founders on firm performance suggests the importance of distinguishing founder-led family firms from others when studying performance issues. Finally, the finding that founders are more likely to leave when their firms are doing well suggests 54 M2978 - DE MASSIS TEXT.indd 54 06/09/2012 09:51 Aldrich, H. E. 55 that founder-CEO succession can be very different from the succession of professional CEOs. EMPIRICAL DATA Sample short description: Public/ private: Industry: Secondary data sources: All publicly-traded firms in the 1998 Fortune...

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